Kazakhstan to Establish State Crypto-Reserve Under Central Bank Oversight

Kazakhstan is taking a major step toward integrating digital assets into its national financial strategy, with plans to establish a state-managed crypto-reserve.

The initiative was confirmed by Timur Suleimenov, Chairman of the National Bank of Kazakhstan, in response to a formal inquiry from a parliamentary deputy.

Institutional Framework in Development

According to Suleimenov, the concept of forming and managing the crypto-reserve is currently under comprehensive review. The reserve would be developed under the supervision of an affiliate of the National Bank, ensuring that it aligns with global standards for sovereign asset management.

The proposed framework emphasizes institutional rigor, transparency in accounting and storage of crypto-assets, and sustainable long-term management practices. Kazakhstan aims to model its crypto-reserve strategy on the best international practices employed by sovereign wealth funds, including those that are now exploring or holding digital assets.

Sources of the Reserve: Mining and Expropriation

The reserve may be funded through multiple channels, including cryptocurrencies mined by state-involved entities and expropriated crypto-assets. This approach mirrors strategies seen in emerging economies where state-backed mining operations and legal seizures of digital assets are being consolidated under centralized financial control.

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Centralization for Security and Stability

Suleimenov stressed the need for centralized institutional control due to the inherent volatility and cybersecurity risks associated with crypto-assets. By consolidating oversight and storage under one centralized structure, Kazakhstan aims to safeguard its digital reserves against market shocks and external threats.

The central bank views this centralized, regulated approach as essential for the successful and secure integration of digital assets into national reserves, while maintaining accountability and operational resilience.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.